Everyone wants to be happy in retirement. So what will it take to get there?
It’s not just saving money, although that is key, according to certified financial planner Wes Moss, chief investment strategist at Atlanta-based Capital Investment Advisors and author of the upcoming book, “What the Happiest Retirees Know.” “Does more money buy more happiness?” he said. “Yes, it does, actually, but only up to a certain point.”
That point is $500,000 in retirement savings; after that, happiness plateaus, Moss said his research shows. Here are financial strategies you can employ now and in retirement to attain happiness, according to experts.
Start saving now
Saving money can make you feel happier, according to researcher Elizabeth Dunn, chief science officer for financial technology firm Happy Money and co-author of “Happy Money: The Science of Happier Spending.”
Break your large saving goals, such as those for retirement, into bite-size pieces that feel doable, she said. Small steps are an easy way to form habits that stick.